11/09/2024 | News release | Distributed by Public on 11/09/2024 13:25
A 2019 articlefocusing on insurance underwriting by McKinsey stated, "Based on our observations, anywhere from 30 to 40 percent of underwriting's time is spent on administrative tasks, such as rekeying data or manually executing analyses."
In 2024, a P&C insurer studyconducted by Capgemini suggested that 41% of the underwriters' time is spent on"administrative and operational activities, constraining their capacity and triggering value chain challenges in pricing and broker/customer experience."
Improving underwriter efficiency has always been a key driving force behind selecting an insurance platform. However, merely adopting a modern insurance platform is insufficient to address some of the current inefficiencies. To truly enhance underwriting efficiency, insurers now have the opportunity to select an insurance platform with built-in advanced AI-based automation and process optimization solutions. Furthermore, selecting a platform equipped with AI capabilities and partnering with a solution provider that is actively investing in AI technologies will not only meet current underwriting demands but also drive future productivity and innovation requirements.
With built-in AI-driven solutions, insurers can streamline operations, reduce manual workloads, and enhance overall efficiency, positioning themselves for long-term success in a rapidly evolving market. A modern platform working in cohesion with its own AI solution is the only way to achieve maximum efficiency and success.
Key areas where AI can bring substantial benefits include:
Conclusion
AI-based tools are becoming a part of the work process, and proper adoption is key for an organization's success and sustainability. To effectively leverage innovative tools, particularly AI-assisted solutions, it is essential to first build trust within your team. This involves gradually introducing these tools to address specific issues, consistently using and testing them, and measuring the improvements they bring. By demonstrating tangible benefits and success, you foster confidence in the technology and cultivate advocates for innovation within your organization.
Equally important is finding the right partner, like Cogitate, to support your transformation journey. Selecting the right solution provider who not only offers advanced tools as part of their insurance platform but also invests in ongoing innovation and support ensures that you have a reliable ally in navigating the complexities of modern insurance technology needs. This partnership is crucial for maximizing the potential of AI solutions and achieving long-term success in underwriting and beyond. Learn more about Cogitate at cogitate.us.